Step 1 : Identify the descending wedge pattern , a bullish sign
Step 2 : If you are a high risk buyer, you can buy on the breakout
Step 3 : This is where I buy after the pullback with 1.122 as support
Step 4 : Now that price has moved 140+ pips, I would adjust my trailing SL to 1.12797 to lock in my profits. This way, I am free of monitoring the price action for a while.
Now, look at the timing of the breakout, it was 1945 hours and the news of ECB announcement came in at 2159 hours (Singapore time).
Even if you are late to the party, entering at the time of reading this news will also earn you 90+ pips profits. Not too bad, huh?
So, you see be it forex, futures, stocks, etc , the patterns that emerge are roughly the same. Descending wedge, ascending wedge, Cup & handle, etc. Understanding how they works and combine it with trend lines , it has proven to be a powerful strategy and works for me.
I still receive a lot of emails from people asking me to subscribe to their indicators, most of which are designed by them and how much profits they proclaimed to have made. Good for them. But it would be too confusing and complicated for me if I add on so no thanks.
How about you? Are you able to make sense out of the charts you are seeing? Or you are spending too much time analysing and letting the opportunities slip you by. Why not give trend lines a try ? If it works , keep it . If it doesn't, throw it and continue in your search.
Step 2 : If you are a high risk buyer, you can buy on the breakout
Step 3 : This is where I buy after the pullback with 1.122 as support
Step 4 : Now that price has moved 140+ pips, I would adjust my trailing SL to 1.12797 to lock in my profits. This way, I am free of monitoring the price action for a while.
Now, look at the timing of the breakout, it was 1945 hours and the news of ECB announcement came in at 2159 hours (Singapore time).
Even if you are late to the party, entering at the time of reading this news will also earn you 90+ pips profits. Not too bad, huh?
So, you see be it forex, futures, stocks, etc , the patterns that emerge are roughly the same. Descending wedge, ascending wedge, Cup & handle, etc. Understanding how they works and combine it with trend lines , it has proven to be a powerful strategy and works for me.
I still receive a lot of emails from people asking me to subscribe to their indicators, most of which are designed by them and how much profits they proclaimed to have made. Good for them. But it would be too confusing and complicated for me if I add on so no thanks.
How about you? Are you able to make sense out of the charts you are seeing? Or you are spending too much time analysing and letting the opportunities slip you by. Why not give trend lines a try ? If it works , keep it . If it doesn't, throw it and continue in your search.